With the rapid economic growth and the continuous improvement of residents' income level in China, the scale of personal wealth has been expanding, and the wealth structure has also undergone significant changes. The growth rate of non-savings personal financial assets, including bank wealth management, is amazing. Since the beginning of this year, affected by the special market environment, bank wealth management products have shown an explosive growth trend, and there have been cases such as "ultra-short-term products are dominant and yields are rising". The specific reasons are analyzed as follows:

1. Under the condition of negative interest rate, commercial banks meet customers' urgent demand for asset preservation and appreciation through wealth management products with relatively high returns.

With the continuous expansion of personal wealth, customers have higher requirements for maintaining and increasing the value of assets. Under the current market situation of negative interest rate 16 months in China, customers' demand for higher-yield products is particularly urgent.

2. In the face of macro-policy changes, commercial banks ease the dual pressure of supervision and market through financial management.

During the year, the central bank raised the deposit reserve ratio six times. At present, large banks have reached a historical high of 2 1.5%, and small and medium banks have reached 18%. Commercial banks, especially small and medium-sized banks, are short of funds. However, under the tight credit policy, some social financing needs are difficult to meet, and commercial banks can only promote assets to move off the balance sheet through financial products such as credit assets.

To sum up, under the complicated economic situation this year, the "off-balance-sheet" of assets and liabilities is a positive measure for commercial banks to cope with macro factors and changes in market situation to a certain extent.

3. In view of the real challenges such as strengthening capital constraints, commercial banks use financial management to improve the sustainability of profits.

The wealth management business covers a wide range and is rich in varieties, which is not only conducive to the adjustment of the debt structure of commercial banks, but also to the asset management, insurance, custody and other businesses of banks, and is conducive to the maintenance of high-quality customers, which is of great significance for continuously improving the overall competitiveness of banks. Under the condition of increasing capital constraints, low capital consumption wealth management business has become the first choice for commercial banks.

I think, first, raising interest rates can ease the liquidity of banks in a short time, but it is difficult to quickly reverse the negative interest rate situation, and customers' demand for asset preservation still exists, which means that wealth management products still have a market base; Second, off-balance sheet is the inevitable trend of financial development to a certain stage. We should consider how to isolate off-balance-sheet and off-balance-sheet risks and how to equip off-balance-sheet assets with corresponding risk hedging mechanisms. It is not advisable to deny or suppress the off-balance-sheet trend because of its risks, but it will inhibit the pace of financial innovation.